The Federal Reserve’s Beige Book, its survey of business contacts, shows an economy that has seen little growth since early September. The Fed’s contacts confirmed the manufacturing recession reflected in other…

  After cutting three times already since June, the Bank of Canada fulfilled market expectations and cut the overnight rate by 50 bps to 3.75%. The BoC sees risks around inflation as roughly balanced over its projection horizon,…

  Flash estimates for European consumer confidence met expectations at -12.5 in October, rising from -12.9 in September. Despite this positive development, Euro Area sentiment remains poor. Consumer confidence remains below its…

  Our Emerging Markets Strategy team sees evidence of a “Trump trade” across markets, as the dollar strengthens, Treasury yields jump, and US small caps try to break out. However, the tactical and cyclical outcomes…

  US Treasury yields rose nearly 60 bps since their September lows, with the 10-year maturity recently reaching 4.2%. This move was a bear steepening, the front of the curve did not rise as much. Positive economic surprises mainly…

  According to the latest estimate of the output gap, the US economy still operates above potential. Continued overheating – a no-landing scenario – would cause a drastic re-pricing across markets which expect a near-…

Dear client, We are launching a new type of Daily Insight titled “Cross-Asset Focus”, where we delve into the dynamics between multiple asset classes, tying them to the current macro and market regimes. The inaugural entry…

  Since the August selloff in risk assets, the main cross-asset driver was the shift from inflation worries to growth worries. Some of that price action has reversed, as TIPS breakeven inflation rates swiftly rebounded since early…

  Despite elevated mortgage rates, UK home prices remain resilient. Average new seller asking prices were roughly flat in October, even as evidence of selling pressures are emerging.  According to Rightmove, total home…